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Motivation

In: Business and Management

Submitted By falconsharp
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The duties, status and liability of the auditor

WHAT IS AN AUDIT?[1]

The word “audit” comes from the Latin word audire which means “to hear” because, in the middle Ages, accounts or revenue and expenditure were “heard” by the auditor.
An audit is the process of checking that the way an organisation presents information about its financial position (its ‘Financial Statement of Accounts’) is true and fair. In essence, ‘true and fair’ means that, in the auditor’s opinion, the company’s financial statements offer a true and fair view of its actual financial position, and that any assumptions they include are reasonable.

We can say that, Auditing is works with evaluating organizations financial statements, systems, projects, process according to standards. It is also engaged with non-financial matters of an organization. Such audits can be performed to identify inefficiencies in an organization.

Why Auditing:[2]

Audits exist to add credibility to the implied assertion by an organization's management that its financial statements fairly represent the organization's position and performance to the firm's stakeholders. The principal stakeholders of a company are typically its shareholders, but other parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in knowing that the financial statements are presented fairly, in all material aspects. An audit is not designed to provide assurance of 100% accuracy; rather it is designed to increase the possibility that a material misstatement is detected by audit procedures.

Auditing From organizational perspective:

Auditing offers six benefits to your organization and it owners:

1. Assessing employee efficiency

2. Preventing Fraud

3. Allow to use information confidently

4. Identifying risk of business

5. Determining the causes...

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